Payment Systems in North America

Payment Systems in North America

Cards have a very strong presence in North America. Both online and offline, credit cards are the most common payment method in Canada and the United States, with debit cards being the second most popular method in the latter country. Baby Boomers and Generation X typically possess more than one credit card, attracted by the reward schemes.

However, there is a high likelihood that card dominance is soon to fall into decline: the presence of a wide range of alternative payment methods and the popularity of mobile rather than desktop will damage the market share currently held by cards. Mobile payments, one-touch payments, e-Wallets, and bank transfers are projected to grow as Millennials rely more and more on mobile phones for online shopping.

Payment landscape in Canada and the USA

Payment methods in the United States of America

The US e-Commerce market is the second largest online market in the world, second only to China. Typically for a Northern American market, the payment landscape in the USA is dominated by card payments, followed by payments with digital wallets.

Payment methods in Canada

The payment landscape in Canada is dominated by debit and credit cards. While accepting Visa, Mastercard, American Express card payments is essential for running a successful e-Commerce business, Interac, a Canadian interbank network is a must have payment method for successful online business in Canada. Interac serves as the Canadian debit card system and the funds transfer network via its Interac e-Transfer service.

Apple Pay and Google Pay payments services are popular in the country, too.

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